OSLO, Nov 18 (Reuters) - Norwegian publishing company Schibsted said on Tuesday it will halve its total investment spend next year compared with this year.
The announcement comes a few days after it teamed up with South African rival Naspers in markets like Brazil and Indonesia..
“By coming together, the businesses would be able to share cost, expertise and people to more effectively build awareness of the benefits of a vibrant online classifieds offering to consumers,” the firm said in a statement.
The firm kept its target for annual revenue growth of between 15 and 20 percent in online classifieds for the mid to long term, but expects slightly lower revenue growth this year. (Reporting by Stine Jacobsen; editing by Susan Thomas)